Download BUS101 Ch1and2.Winter2014

BUS101
Introduction to Business
Risks and Profits
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Business
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Goods
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Services
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Entrepreneur
Risks and Profits
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Revenue
Profit
Loss
Quality of Life
Stakeholders
Outsourcing
Insourcing
Nonprofit organization
Social entrepreneurs
Factors of Production
Land, Labor, Capital, Entrepreneurs, Knowledge
Risks and Profits
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Business Environment
o Economic and Legal
o Technological
o Competitive
o Social
o Global
o Ecological
Productivity
$63, 885
e-commerce
database
Risks and Profits
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Services
o 70% of US economy
Economics
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Economics
Microeconomics
Macroeconomics
Resource Development
Adam Smith
 freedom of ownership
 profits
o Invisible Hand
o Malthusian
o Capitalism
Economics
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Capitalism
o Right to private property
o Right to business ownership
o Right to freedom of competition
o Right to freedom of choice
Free Market
Supply
Demand
Supply and Demand Curves
Equilibrium Point
Market Price
Economics
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Perfect competition
o commodity
Monopolistic competition
Oligopolistic Competition
Monopoly
Inequality
Socialism
Communism
Mixed economies
o Free-market
o Command
Economics
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Economic Indicators
GDP
Unemployment Rate
Underemployment
Price Index
Inflation
Disinflation
Deflation
Stagflation
CPI
Core inflation
Economics
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Business Cycle
Boom
Recession
Depression
Recovery
Fiscal Policy
National Debt
Monetary Policy
Interest Rates